How Ethereum price will react after developers complete the Merge testnet upgrade in one week

  • The Ethereum Ropsten Merge testnet's first upgrade is scheduled for June 2, and will be complete on June 8. 
  • Ethereum Merge could reduce the altcoin's issuance by 90%, Bloomberg analysts argue this could fuel an Ethereum rally. 
  • Triple Halving narrative could play out on the successful completion of the merge, pushing Ethereum price to its $10,000 target. 

Ethereum Ropsten Merge testnet is drawing closer, expected to be completed on June 8. Proponents expect the successful completion of the merge upgrade to influence the altcoin's price positively and push it to a $10,000 target, based on the Ethereum Triple Halving narrative. 

Also read: When is the Ethereum Merge happening?

Ethereum Ropsten Merge testnet starts on June 2

Vitalik Buterin, the co-founder of Ethereum, told the community at the recent ETH Shanghai Summit that the Ropsten Merge testnet is the most critical milestone for developers. The successful completion of the merge upgrade scheduled for June 2, 2022, will be key to the journey of Ethereum's transition from Proof-of-Work to Proof-of-Stake. 

In a recent tweet, Colin Wu, a Chinese journalist, has reported details of the execution layer transition from Proof-of-Work to Proof-of-Stake

Vance Spencer, the co-founder of the venture capital firm Framework Ventures, argues, "If you think about how crypto markets usually move, the biggest event is usually Bitcoin halving, cutting supply of Bitcoin in half. Here, we have the supply of Ethereum getting cut by 90% in one moment."

The Ethereum Merge represents a reduction of as much as 90% in the altcoin's issuance. A reduction in Ethereum's circulating supply could fuel a shortage and increase altcoin's price. 

Triple Halving could send ETH price to the moon

Ethereum Triple Halving narrative was put forward by researcher Nikhil Shamapant. Proponents believe that the successful implementation of EIP-1559, the burn protocol and the migration from PoW to PoS through the merge, could reduce the Ethereum volume to an equivalent of three and a half Bitcoin halvings. A reduction in Ethereum's issuance and the Triple Halving could push the altcoin to its target of $10,000, put forward as a part of Shamapant's narrative. 

Shamapant believes, 

It [Ethereum price] definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think we'll head up to that $10-25k range, hit a lot of supply and could see some big drawdowns and consolidation at that point.

ETH prices nears $2,000

Based on data from the crypto intelligence platform IntoTheBlock, Ethereum price has soared above $1,900 on the back of rising outstanding positions in altcoins. Rising open interest in Ethereum, hitting $9.37 billion, indicates a substantial amount of longs opened by traders. 

This reveals traders are bullish on an Ethereum price rally, as the merge draws close. 

Open Interest in Ethereum

Open Interest in Ethereum 

Despite the recent drop in Ethereum price, down nearly 60% from its all-time high, daily active addresses and transactions on the network have remained near-constant since November 2021. Proponents consider this a bullish sign for Ethereum

Ethereum daily transactions and addresses

Ethereum daily transactions and addresses

@rektcapital, a leading cryptocurrency analyst, evaluated the Ethereum price chart and noted that the altcoin's bounce from major support is no surprise. Ethereum price could continue its climb from the current level and hit the $2,269 level, flipping it into new resistance. 


ETHUSD price chart

ETHUSD price chart

These three altcoins have bullish potential

Analysts at FXStreet have evaluated altcoins after the recent rebound in prices, and identified three cryptocurrencies that could double traders’ portfolios. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis